Nasik coop bank survives barely

Chairman of Nasik District Central Cooperative [NDCC] bank Narendra Darade has held out a threat that he would resign if RBI does not soon exchange his bank’s scrapped currency notes worth of Rs. 342 crore. He expressed his annoyance about this huge fund being blocked and counted it one of the factors responsible for the bank’s current financial crisis.

However, there is a positive response to the SOS the bank has put out that their financial situation is critical. Meeting the bank’s delegation, Maharashtra chief minister has assured Maharashtra state cooperative bank will soon release the cash strapped bank their deposit of Rs 239 crore, reports Times of India.

The NDCC chairman said farmers who are expecting loan waiver have not paid a penny back to the NDCC.

The NDCC seeks their deposit from the MSC Bank so that they can deposit the money with nationalized banks and get loans that can be given to farmers,